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Student-loan debt: 'Money for nothing'

John Leo: 'Why pay for everybody with a pulse or heart beat?'

Published: 03/27/2012 at 8:16 PM

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For the past few years, the U.S. economy has struggled mightily to emerge from the 2008 financial crisis that stemmed in large part from a housing market meltdown. Now some experts say a trillion dollars in student loan debt is the next financial calamity about to strike.

John Leo was a longtime columnist for “U.S. News & World Report” and is now a senior fellow at the Manhattan Institute. He has studied higher education for decades. Leo says the dire forecasts are probably accurate and could very well come true in just a year. He also explains why student loan debt has spiraled out of control and why much more pressure must be applied to colleges and universities to bring costs down.